You have calculated your turns, made a plan to get rid of dead eyewear stock and now comes the conversion rate or a way to increase inventory turns via conversion rates. Conversion rate is the percentage of patients were going to walk out without making a purchase and you converted them into a sale.
Step 3: Determine Conversion Rate
How many eye exams are you doing a month. If an optician with no doctor, how many people walk in and out without making a purchase. ‘Converting’ from a shopper to a buyer will increase inventory turns.
As an example: You have 200 eye exams a month and only sell 100 pair of glasses. Your conversion rate is 50%. Some of those exams will be contact lens patients (opportunity, back up glasses, sunglasses, readers) and people that Rx’s hasn’t changed (new technology, sunglasses) The goal is to take those patients and give them an opportunity to purview your wares and an opportunity to make a purchase.
Make Plan on how to increase conversion rate:
- Are you walking the patient to the dispensary?
- If a doctor are you taking lifestyle and technology in the chair?
- Are you highlighting new products in the dispensary?
- Are you talking about sunglasses?
- Are you talking about eye health and offering nutrients?
- Are you talking about new lens technology such as FREE Form?
This should be a discussion in a staff meeting on how better to serve your patients and give them the opportunity to say yes or no to new products, new technologies, new looks and educating them on what is available.
Set Up An SOP (Standard Operating Procedure) to increase Conversion Rate
Feel Free to share your stories and what you are doing, your conversion rate and any questions below in the comments.